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Halifax has clarified who can access a scheme to top up your savings account when you make a payment. A customer contacted the bank over social media to ask: “I’m trying to setup Save the Change on my current account the app is saying I don’t have a savings account but I do?”
They shared a screenshot of their Halifax banking app with a message stating: “No savings account. Save the Change only works if you have a savings account.” Save the Change is a service where when you make payments with your debit card, the amount is rounded up to the nearest pound, with the change transferred to a nominated savings account the next working day.
Guidance on the Halifax website explains: “To use Save the Change you’ll need an eligible Halifax Bank current account and savings account.” Responding to the customer, Halifax said: “The account needs to be an instant saver, not an ISA or fixed saver.
“If you need more support, please go to search, message us and a colleague can check for you.” Customers may also want to note you cannot use Save the Change for certain types of payments.
These include:
- Cash withdrawals, through branches, cash machines, shops and similar outlets
- Buying foreign currency you buy
- Bill payments you make through a machine
- Fees you are charged for using a non-Halifax, Lloyds Bank or Bank of Scotland cash machine.
If you make a payment that is for a whole pound amount, this will not be rounded upt to the next pound. If you buy something in foreign currency, your change will be calculated after the amount of the foreign currency transaction has been changed to pounds and any charges applied.
If a debit card transaction is cancelled or reversed, such as if you get a refund or if you report is as fraudulent, your change will stay in the savings account.
If you have a joint account, Halifax will save the change from all debit card payments made by either account holder. The guidance warns regarding this rule: “This means you mustn’t register for Halifax Save the Change unless all your joint account holders agree.
“You must all transfer your change to the same savings account.” Another rule to note is if you sign up for cashback extras, the cashback you earn will be based on the amount of your debit card purchase or payment without the change you save.
Halifax is part of the Lloyds Banking Group, and other providers within the group also offer Save the Change, including Lloyds Bank and Bank of Scotland.
